Based on industry feedback, the Financial Advisers Standards and Ethics Authority (FASEA) is considering an amendment to Standard 3 of the code of ethics.
The amendment would change the wording of Standard 3 to better align the standard to its intent as explained in the code of ethics guide.
FASEA welcomed stakeholder input on the amended Standard 3 wording options being considered.
In the consulation paper, FASEA had presented three options but was open to considering others.
Three wording options up for consideration
Source: FASEA
Stephen Glenfield, FASEA chief executive, said: “The code of ethics provides an ethical framework of values and standards to assist advisers in exercising their professional judgement in the best interests of their clients.
“FASEA understands that some stakeholders have raised concerns regarding the wording of Standard 3 and welcomes stakeholder feedback on proposed options to align the wording of the Standard with the intent of the standard.”
All feedback and submissions on the consultation paper could be submitted to FASEA, which would close 1 December, 2021.
